Mumbai: As scare over likely coronavirus pandemic spooked investors across the world, triggering a global market rout, the domestic stocks were not left unscathed either.

BSE benchmark Sensex logged its second-worst point-wise fall on Friday, as investors flocked to safe haven assets.

The market crash eroded Rs 5.20 lakh crore of investor wealth in a single day.

The biggest fall happen on August 24, 2015, when the 30-pack had crashed 1,624 because of meltdown in Chinese market and a major spike in oil price. The 30-share Sensex closed 3.64 per cent or 1,448.37 points lower at 38,297, while the 50-share Nifty slumped 3.56 per cent or 414 points to close at 11,219.

For the week, the indices have shed 6.98 per cent and 7.28 per cent, respectively. Over the last six days, Sensex has declined 7.5 per cent while Nifty has dipped 7.68 per cent. Read More | Why market crashed: It's not just coronavirus, there's more to itMarket participants keenly awaited the third-quarter GDP data, which was due after market hours.

Asia’s third-largest economy is likely to have grown at the same pace as in the third quarter at 4.5%, most independent economists said, though others expect growth to be a tad faster, based on a slight pickup in agriculture and government spending. On Friday, India VIX jumped 28.75 per cent to close at 22.8725, hinting at volatile times in days to come. Market at a glanceThe bears took over on D-Street, as losers were more than five times the number of gainers on the BSE. The selloff was witnessed across the board, with BSE Midcap and BSE Smallcap indices declining 3.32 per cent and 3.60 per cent, respectively.

BSE 500 index eroded 3.81 per cent. All sectoral indices closed deep in the red, with BSE Metals and BSE IT index declining the most, down 7.09 per cent and 5.85 per cent, respectively.

Among metals and mining stocks, Vedanta was the top loser as it shed 12.64 per cent, while BirlaSoft was the biggest loser in the IT pack, down 11.13 per cent. Teck, basic materials, energy were among other top sectoral losers, down 5.07 per cent, 4.60 per cent and 3.79 per cent, respectively. Barring ITC, all 30 Sensex stocks closed on a weak note.

Tech Mahindra nosedived 8.14 per cent, while Tata Steel and Mahindra - Mahindra shed more than 7.50 per cent each. Reliance Industries (RIL), Infosys, HDFC and ICICI Bank were the top drags on Sensex.

Shares of RIL declined 4.12 per cent, while those of Infosys, HDFC and ICICI Bank dropped 4.26 per cent, 5.95 per cent and 3.67 per cent.

The carnage did not spare anyone.

Reliance Industries’ Chairman Mukesh Ambani, the richest man in India lost some $5 billion of his wealth on year to date basis in notional terms.

Aditya Birla Group Chairman Kumar Mangalam Birla is poorer by $884 million, as per Bloomberg Billionaire Index.

IT tycoon Ajim Premji’s wealth is down by $869 million and industrialist Gautam Adani’s by $496 million in just two months. Info Edge (India), which runs naukri.com bucked the market trend and jumped 3.15 per cent, while paints maker Akzo Nobel (India) rose 3.37 per cent. Analyst view"The Indian market nosedived along with global equities, on fears that the coronavirus will hamper global growth.

While there is no telling what will happen in the next trading session, my sense is that we will be much better-off, a couple of months’ down the road.

The market fall so far, is factoring in a reasonably bad case-scenario.

Even as this issue drags near-term growth in certain sectors, what lends support is the beaten-down market multiple.

We must remember that the broader Indian market has been in a consolidation phase since start of year 2018.

In summary, near term index support level is difficult to call, but time-wise, the market impact should not last long." - Amar Ambani, Head of Research, YES SecuritiesThe Indian indices would continue to track the overseas markets which are likely to be under stress in the near-term as the impact of the outbreak would adversely impact supply chains across the globe including India.

We believe any likely relief in terms of Q3 GDP bottoming out may also not have the desired positive impact on the markets until the concerns over the virus ease. - Ajit Mishra, VP - Research, Religare Broking"As per anecdotal evidence, we see most fund managers, including us, increasing dry gun-powder to manage the spike in volatility.

We would refrain from value hunting in Indian equity market for now, because of poor management of domestic issues and COVID-19 led disruptions.” - Sanjay Guglani, CIO, Singapore-based Silverdale Capital.Global marketsGlobal stocks markets were headed for the worst week since the depths of the 2008 financial crisis as investors ditched risky assets on fears the coronavirus would become a pandemic and derail economic growth, Reuters reported. Asian stocks tracked another overnight plunge in Wall Street’s benchmarks on Friday with the markets in China, Japan and South Korea all posting heavy losses. MSCI all-country world index fell 0.3 per cent after 3.3 per cent drop on Thursday.

So far this week it has lost 9.2 per cent, on course for its biggest weekly decline since a 9.8 per cent plunge in November 2008.

The pan-regional STOXX 600 was on track to record its biggest weekly decline since the height of the global financial crisis in 2008.